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Satyam Silk Mills Ltd.

BSE: 503893 Sector: Financials
NSE: N.A. ISIN Code: INE07MC01015
BSE 05:30 | 01 Jan Satyam Silk Mills Ltd
NSE 05:30 | 01 Jan Satyam Silk Mills Ltd

Satyam Silk Mills Ltd. (SATYAMSILKMILL) - Director Report

Company director report

To

The Members

Your Directors have pleasure in presenting the 37th AnnualReport of your Company together with the Audited Financial statements for the year endedon 31st March 2020

financial results

For the year ended 31st March 2020 For the year ended 31st March 2019
Profit / (Loss) before tax (2871612) 1068687
Less : Provision for Tax 149513
Deffered Tax Expenses 296703
Net Profit (2871612) 622472
Other Comprehensive Income (11729610) 22953780
Total (14601222) 23576252

Operational Performance

The Company is presently engaged in non - operational activities ofInvestment in shares and securities.

Dividend

In order to conserve resources for the development of business of theCompany the Board of Directors regrets their inability to recommend dividend for the year2019-20. (previous year on Equity Shares - Rs. NIL Per Share).

Directors:

During the year under review there is no change in Directorship of theCompany. The Company has appointed Ms. Apoorva Jain as an Company Secretary of thecompany w.e.f. 03.04.2019.

Meetings of Board of Directors

During the year under the review 7(Seven) Meetings of the Board ofDirectors of the Company were held and intervening period between two consecutive Meetingsas prescribed under the relevant provisions of the Company Act 2013 was maintained.

Related. Party Transactions:

During the year the Company has not entered into any transaction whichrequires to be disclosed in prescribed Form AOC-2 in terms of the provisions of section134 of the Companies Act 2013 read with Rule 8 of Companies (Accounts) Rules 2014.

Section 186

During the year under review No Loan Guarantees or investments weremade / given under section 186.

Extract of Annual Return:-

The extract of Annual Return for the Financial Year ended March 312020 in Form No. MGT-9 as prescribed under the provisions of the Section 92(3) of theCompanies Act 2013 and Rules framed thereunder is included in Annexure "A"annexed hereto and forms part of this Report

Auditors & Auditors Report

The Board of Directors recommends (ratification is applicable if theappointment is made for period of five years as provided in the Act) the appointment M/s.Joy Dalia & Co. (Firm Registration No. 104460W) Chartered Accountants as StatutoryAuditors of the Company for the Financial Year 2020-21 from whom the Company has receivedcertificate in respect of their eligibility and compliance of qualifications as providedunder the provisions of Section 141 of the Companies Act 2013 read with Rule 4 of theCompanies (Audit and Auditors) Rules 2014.

The Auditors' Report is self-explanatory. There were noqualification reservation or adverse remarks in the Auditor Report

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013and The Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 theCompany has appointed M/s G.B.B.Babuji firm of Company Secretaries in Practice toundertake the Secretarial Audit of the Company. The Report of the Secretarial Audit Reportis annexed herewith as "Annexure B".

Directors Responsibility Statement

To the best of their knowledge and belief and according to theinformation and explanations obtained by them your Directors make the followingstatements in terms of Section 134(3)(c) of the Companies Act 2013:

1. that in the preparation of the annual financial statements for theyear ended March 31 2020 the applicable accounting standards have been followed alongwith proper explanation relating to material departures if any;

2 that such accounting policies as mentioned in the Notes to theFinancial Statements have been selected and applied consistently and judgment andestimates have been made that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at March 31 2020 and of the Profit of theCompany for the year ended on that date;

3. that proper and sufficient care has been taken for the maintenanceof adequate accounting records in accordance with the provisions of the Companies Act2013 for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

4. that the Annual Financial Statements have been prepared on a goingconcern basis;

5. that systems to ensure compliance with the provisions of allapplicable laws were in place and were adequate and operating effectively.

Conservation Of Energy Research. & Development. TechnologyAbsorption. Foreign Exchange Carings & Outgo:

Since your Company does not own any manufacturing facility and since notransactions were carried out by the Company involving either foreign exchange earnings orexpenses the requirements pertaining to disclosure of particulars relating toconservation of energy research & development technology absorption and foreignexchange earnings or outgo as prescribed under the Rule 8 of the Companies (Accounts]Rules 2014 are not applicable.

Acknowledgements;

Your Directors record their sincere gratitude to its Bankers corporatelenders Statutory Regulatory Authorities for their co-operation & assistance tobusiness associates vendors consultants professional agencies for their continuedsupport and faith in the Company during the year under review.